Probe Metals intersects 4.4 g/t Au over 15.4 metres in Expansion Drilling at Monique, Val-d’Or East Project

Highlights:

• Drill results returned impressive gold grades and thickness inside and surrounding the conceptual pits in the Preliminary Economic Assessment (“PEA”) report
• Infill drilling continues to strengthen resource and returned significant new intersections grading up to: 8.5 g/t Au over 5.1 metres, 5.9 g/t Au over 4.1 metres, 1.3 g/t Au over 25.5 metres and 1.7 g/t Au over 15.4 metres
• Expansion drilling intersected high-grade structures grading up to: 341 g/t Au over 0.7 metre and 4.4 g/t Au over 15.4 metres under the PEA pits
• Drilling to-date indicates potential for Resource growth and conversion as well as simplification of mine plan into a smaller number of larger open pits
• Over 105,000 metres of drilling completed year-to-date at Val-d’Or East – 2022 program increased from 150,000 to 165,000 metres
• 6 drills active at the Val-d’Or East project

TORONTO, July 27, 2022 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide the third set of results from the 2022 drill program on its 100%-owned Val-d’Or East Monique property (the “Property”) located near Val-d’Or, Quebec. Results from twenty-five (25) new holes and one (1) depth extension hole demonstrate continued strike and depth expansion with significant gold intercepts along the Monique gold zones. The 2022 drill program aimed to convert, expand, and discover new gold resources within and surrounding the conceptual pits from the 2021 PEA report (see figure 1). Given the continued positive expansion drill results, the Company is also pleased to report that it is increasing the 2022 Val-d’Or East drilling program to 165,000-metre (from 150,000-metre). Results from over 175 holes drilled since the beginning of 2022 at Monique are still pending and will be released as they are received. Selected highlights from the current results are presented below.

David Palmer, President and CEO of Probe, states: “For 2022 we set a number of goals for the Val-d’Or East Project, including resource growth; conversion of Inferred resources into Measured & Indicated categories; and coalescing the numerous smaller open pits into a fewer number of larger pits by connecting them with the drilling. These goals will all contribute to a better, more efficient, and more robust development project at Val-d’Or East and results like these released today for the Monique drill program are improving our confidence that we will achieve these goals in the 2023 prefeasibility study and add considerable value to our project.”

Expansion drilling - Eighteen (18) of the twenty-six (26) holes released today are from the expansion drilling program designed to test the extension of the A, G, I, J, K, P and T zones laterally and at depth. Nine (9) of these expansion drilling holes intersected gold structures with grade times thickness above 15.0 g/t Au * metre.

Infill drilling – Eight (8) holes are from the resource conversion drilling program designed to test the continuity of A, G, I and K zones inside the conceptual pits between surface to approximately 300 metres depth and the G zone around 350 metres depth. These holes intersected gold mineralization where predicted by our 3D model and confirmed the current block model with respect to grades and thicknesses.

Based on the drilling completed along the Monique Gold Trend since the PEA, the results demonstrate a strong continuity of the sub-parallel to parallel gold zones over a volume of more than 2 kilometres long by 1 kilometre wide and locally up to 600 metres depth. The Monique Gold Trend zones are all open along strike and at depth. In addition to drilling activities, Probe is advancing, rock mechanics, ground geotechnical, metallurgical and baseline studies on the project, and has initiated community and social engagement activities.

Selected drill results from holes MO-22-327 to 351 and deepening of hole MO-22-325 at the Monique Area drilling program are, as follows:

(1) All the new analytical results reported in this release and in this table, are presented in core length and cut to 100 g/t Au when needed. True width is estimated between 65 to 95 % of core length. Only grade times thickness above 15.0 g/t Au * m is reported

Figure 1: Surface Map – Monique Gold Trend new drilling

About the Monique Property:

The Monique property is located 25 km east of Val-d’Or, in Quebec, and consists of 21 claims and one mining lease covering a total area of 5.5 square kilometres in Louvicourt township. The property hosts a current measured and indicated mineral resource of 13,619,000 tonnes at a grade of 1.54 g/t for 672,800 ounces of gold and inferred mineral resource of 11,733,000 tonnes at a grade of 1.78 g/t for 671,400 ounces of gold (source: Probe Metals NI 43-101 Technical Report Val-d’Or East Project – June 2021). The Property is part of the Company’s Val-d’Or East Project, and the consolidated land package stands at 436 square kilometres. Val-d’Or East is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

Geology

Gold mineralization on the Monique property is mainly associated with three deformation zones that cross the property with an orientation of 280° and a 75°- 80° dip to the north. Gold mineralization is defined by a network of quartz/tourmaline/carbonate veins and veinlets with disseminated sulphides in the altered wall rocks. A total of 16 parallel gold zones have been discovered on the property, to-date. Some mineralized zones have been defined from surface to a depth of 600 metres and vary in width from 1 metre to up to 100 metres. Mineralized structures extend laterally up to 900 metres.

Past Production

The Monique open pit mine began commercial production in 2013 and ceased production at the end of January 2015. A total of 0.58 Mt of mineralized material was extracted at a grade of 2.53 g/t Au, from the surface to 100 metres depth for a total of 45,694 ounces of gold.

Qualified Person:

The scientific and technical content of this press release has been reviewed, prepared, and approved by Mr. Marco Gagnon, P.Geo, who is a "Qualified Person" within the meaning of NI 43-101, and Executive Vice-President and a director of Probe.

Quality Control:

During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples, which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assays with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.

About Probe Metals:

Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Val-d’Or East Gold Project, Québec. The Company is well-funded and controls a strategic land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 10% of the Company.

On behalf of Probe Metals Inc.,



Dr. David Palmer,

President & Chief Executive Officer

For further information:

Please visit our website at or contact:

Seema Sindwani

Director of Investor Relations



+1.416.777.9467

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